UBER - Waitr: Deep Value In A Frothy Market

• The market continues to apply a steep discount to Waitr in comparison to peers.
• Currently trading at 0.76 P/S with a PE of 11.67, while peers have negative earnings and P/S multiples between 8-15.
• Long thesis: Profitable and financials getting healthier with every passing quarter as the business diversifies into new verticals.
• Short thesis: The company has shown stagnant growth in a market that's been growing and competitors will price them out of their existing markets.
• The current share price near 52 week lows presents a rare value play in a market besieged by rich valuations.

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